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Kenya Sign MoU With Chinese Firm To Develop Mombasa FTZFriday, August 15, 2014 > 08:46:29
Kenya has signed a Memorandum of Understanding (MoU) with a Chinese construction company for the development of the Mombasa Free Trade Zone (FTZ), says the Permanent Secretary of Kenya's Industrialisation Ministry, Dr Wilson Songa.
In February this year, the Cabinet approved the establishment of a free trade zone in the Indian Ocean port city of Mombasa in what was expected to establish Kenya as a regional trade power-house.
Mombasa will be Kenya's first free port and is expected to promote and strengthen trade within the East, Central and Southern Africa sub-regions by allowing trading of goods within the zone without payment of duty.
The Free Trade Zone, which would be benchmarked against similar projects in Dubai, China and Malaysia, is expected to benefit 400 million people from East, Central and Southern Africa.
As it will be the first of project its kind in sub-Saharan Africa, the Free Trade Zone has the potential to attract investors to Kenya.